Liberty Formula One (FWONK) PT Raised to $64 at Guggenheim, Following Earnings

Guggenheim analyst Curry Baker raised the price target on Liberty Formula One (NASDAQ: FWONK) to $64.00 (from $55.00) while maintaining a Buy rating.

Analyst says: "Our price target is based on a 25.0x (up from 22.0x) 2022E EV/EBITDA multiple, representing a ~28% premium to the peer group multiple (unchanged) for live entertainment companies. Our multiple reflects the unique intrinsic value of premium professional sports assets, the traditionally stable nature of live sporting event cash flows, the low capital intensity of Formula One, and significant potential growth opportunities across all of F1’s key revenue streams (Race Promotion, Broadcasting, Advertising/ Sponsorship). We believe Formula One is well positioned to drive attractive returns to shareholders and serve a passionate fan base of half a billion people. Our spread between FWONA and FWONK shares is representative of the historical average."

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